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Find capital balances of the partners after admission

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Reference no: EM132856910

Khyle and Lorenz are partners who shared profit and loss on a 3:2 basis. They wished to expand their business, so they invited Khalyl to join with them by allowing her to invest cash of 100,000 and equipment with a fair market value of 120,000 (net book value of equipment was 80,000) for a 1/4 interest of the firm.

The details of their respective capital accounts follow:

Cash 240,000

Other Assets 480,000

Khyle, Capital 400,000

Lorenz, Capital 320,000

Required:

Problem 1: Capital balances of the partners after admission:

Reference no: EM132856910

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